Teco Electric & Machinery Co Ltd, a Taiwanese industrial motor manufacturer, on Wednesday announced an investment of $100 million in Bengaluru.
Speaking to DH, Teco Electric & Machinery Co Ltd Acting President J George Lien said the investment is part of company's efforts to make Bengaluru a motor manufacturing hub.
"We are planning to manufacture two types of electric motors, one for industrial purpose and the other electric vehicles. This is our first phase and it will witness $50 million and the second phase will have another $50 million within two years, " said Lien.
He was in Bengaluru to attend Electric Vehicle Summit - 2019, jointly organised by the Government of Karnataka - Department of Industries and Indian Chamber of Commerce (ICC).
Teco will set up its manufacturing facility at Century Development Corporation-owned 70 acres facility near Devanahalli.
Lien also said the company will also bring the supply chain ecosystem as part of the manufacturing activity.
Japanese, South Korean and Taiwanese companies participated in the event.
"Korean companies Hyundai and various other companies are planning to launch 300 km charging range by the end of 2019 in India. So they would like to help India provide a similar climate for investment and infrastructure in India," he said.
Karnataka Large and Medium Scale Industries Minister K J George, who inaugurated the event, said the state is a pioneer in implementing electric vehicle policies in the country.
"Karnataka is a preferred destination for attracting investments in the manufacture of electric vehicles. Besides expecting an investment of Rs 31,000 crore, the state will create employment opportunities to 55,000 people and research activities in the electric mobility space," he said.